2 Crore Term Insurance Plans
Secure your family’s future with a Rs.2 crore term insurance plan that offers high coverage at affordable premiums. Compare top policies to find the one that fits your needs and lifestyle.
It is crucial to have life insurance protection to protect the family's financial interests in the event of any challenging circumstances. Purchasing a term insurance plan is recommended instead of any conventional policies like the endowment plan. A term plan provides a high sum assured at a reasonable premium, especially when purchased at a young age. This helps you invest in various instruments according to your risk tolerance and liquidity requirements and avail attractive returns. Read on to learn about the best Rs.2 crore term insurance plans in India.
List of Rs. 2 Crore Term Insurance Plans
The table below lists the best term insurance plans offering Rs.2 crore life cover in India:
Insurer | Name of Plan | Policy Term |
Bajaj Allianz | Smart Protection Goal | 10 years to (85 – entry age) years |
Aegon Life | 5 to 70 years less entry age | |
Bharti AXA Life | 10 years to 37 years | |
Canara HSBC Life Insurance | 5 years to 81 years | |
HDFC Life | 5 years to (85 – entry age) years (for Fixed Term) | |
Edelweiss Tokio Life | Edelweiss Tokio Life Zindagi Plus | 10 years to 62 years |
Kotak Life | Kotak e-Term | 5 years to (85 – entry age) years |
SBI Life | 5 years to (80 – entry age) years | |
PNB MetLife | 10 years to (99 – entry age) years | |
Max Life | 5 years to 67 years |
Why Should You Buy a Term Insurance Plan
Here are a few important points that emphasise the importance of purchasing a term insurance plan:
- It offers financial security to the insured’s family in the event of an unfortunate situation.
- You can avail high coverage at low premium rates.
- It is simple, flexible, and can be customised to meet different needs.
- You can select additional rider benefits to increase the base plan's security.
The amount of life insurance coverage offered by a term plan is one of its most important aspects. This is crucial because it demonstrates the level of security that the family will receive. Due to its high coverage, term insurance continues to be a preferred option among people.
Lifestyle Factors that Impact Term Insurance Premium
A person considering purchasing a Rs.2 crore term plan must be aware that the premium is based on certain lifestyle choices like smoking. Another key factor is the insured’s gender and the term cover for a female is 10% lower than that for a male. Individuals who smoke will have to pay a 25% higher premium than non-smokers. A person is considered a smoker if they have smoked within the last 12 months.
These basic factors will affect the Rs.2 crore term insurance premium. After an individual pays the premium, they will be asked to answer health-related inquiries, including questions about any existing conditions and family members' medical histories. An extra sum or loading will then be added on an individual basis based on the presumption of the answers.
Factors to Consider Before Purchasing Rs. 2 Crore Term Insurance
If you are planning to purchase a Rs.2 crore term insurance plan, here are a few factors you must consider:
- Claim Settlement Ratio: The claim settlement ratio refers to the total number of claims paid by the insurer out of all claims received during a given year. The likelihood of receiving a claim will be more if the claim settlement ratio is high.
- Premium: The premium is the sum that a policyholder pays to the insurance company in exchange for the protection that is provided. The life insurance company determines the premium amount, which is based on a number of factors, including the policyholder's age, the duration of the policy, the sum assured, etc.
- Solvency Ratio: The solvency ratio shows how well an insurance company will be able to use its available cash flow to pay its current liabilities and future obligations. All Indian life insurance providers are required by the Insurance Regulatory and Development Authority of India (IRDAI) to attain a Solvency ratio requirement of 1.5 or 150%.
- Hidden Terms and Conditions: All life insurance plans come with clauses and conditions that must be adhered to. The insurance company must clearly state these terms and conditions to the customer, who will then decide whether or not to accept them.
- Cover: In order to improve coverage and the likelihood that a claim will be settled, it is recommended to purchase additional coverage in the form of add-ons or riders. You must look for insurers that meet all other requirements while providing extra coverage at no additional cost.
FAQs on Top Rs. 2 Crore Term Insurance Plans
- Can I buy multiple term insurance plans?
Yes, you are allowed to have more than one term plan in the event that one life insurance policy is insufficient. This also lowers the likelihood that your claim will be rejected.
- How does smoking influence a term insurance plan's premium?
A term insurance plan's premiums vary depending on whether the customer smokes or not. In the case of smokers, the premiums are higher because they are considered high-risk customers.
- Do I require a term insurance plan along with the life insurance provided by my employer
Employee life insurance plans often fall short of meeting all of your financial obligations and securing your family’s future. Furthermore, you can only use it while you are employed by that company. You can avail a higher sum assured and enhanced coverage by purchasing a second insurance plan.
- Which sum assured amount should I select?
The sum assured amount is based on the financial requirements of your family. The amount you choose should ideally assist in covering any lost income as well as unpaid debts.
- How do I choose my term insurance plan's duration?
It is always suggested that you purchase a policy that has the maximum tenure. To ensure that all of your liabilities and objectives are covered, the ideal coverage duration is until you retire.
- Are riders for term insurance required?
While term insurance riders can offer extra financial security, they are not always required. An accidental death rider may be more useful to people who are employed in factories or travel frequently for work. Depending on your unique requirements, you should choose the riders.
- Is Rs.2 crore term insurance sufficient?
For individuals earning more than Rs.5 lakh per year, buying Rs.2 crore term insurance is a good option. This is due to the fact that this term plan makes sure your family's financial needs will be met in your absence.
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